Ryman Hospitality Properties (NYSE: RHP) has priced a private placement of $700 million in 6.250% senior notes due 2035, according to a company press release. The notes are being issued through subsidiaries RHP Hotel Properties, LP and RHP Finance Corporation and are expected to close on Aug. 25, 2026.

The proceeds will fund a portion of the approximately $1.38 billion acquisition of the JW Marriott Orlando Grande Lakes Resort and The Ritz-Carlton Orlando, Grande Lakes in Orlando, Florida. The remaining purchase price will be covered by a separate public offering of 5,100,000 shares of common stock priced at $117.00 per share, which priced on Aug. 10, 2026, and cash on hand. The stock offering is expected to close on Aug. 12, 2026.

The notes will be senior unsecured obligations, guaranteed by the company and subsidiaries that guarantee its existing credit facility and outstanding senior unsecured notes. They will be sold only to qualified institutional buyers under Rule 144A and to certain non-U.S. persons under Regulation S of the Securities Act of 1933.

If the Orlando acquisition is not completed, the notes will be redeemed at 100% of the issue price plus accrued and unpaid interest under a special mandatory redemption provision. The closing of the notes offering is not contingent on the completion of the acquisition or the stock offering.